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Heading into the fall, after a long dry spell of lagging market returns and a macro market environment that has been a carnival show of floundering rescue packages with a few doses of outright fraud, we thought it was time for some big ideas. The articles in this issue address some very large concepts in the index industry in a new way. We think you'll find them useful and stimulating.
First up is Andrew Clark of Lipper, who takes on the conventions surrounding the way we break the market down into size segments with some very thorough statistical analysis. His findings are enlightening, to say the least. JoI mainstay Craig Israelsen follows next with an article that cuts through all the hype around various index methodologies, laying them all side by side.
Then we hear from two of IndexUniverse's own: Analysts Paul Baiocchi and Paul Britt explore the question of whether it makes more sense to take a sector-based or a style-based approach to investing. After that, Vanguard's Christopher Philips, David Walker and Francis Kinniry Jr. offer a fresh look at correlation at a time when many investors are disillusioned with arguments for diversification in the wake of the 2008-09 market crisis.
Next up is our interview with John Prestbo, formerly the editor of the newly merged Dow Jones Indexes and the founding editor of this magazine. Find out what one of the driving forces of the index industry thinks about the latest developments and innovations. It's a great read. David Blitzer follows with an eye on the future, answering the question, What may drive investor considerations in the near term?
Guido Giese of SAM is next, making the case that strategy indexes perform better when they incorporate risk-control mechanisms, and demonstrates how they could be added into a methodology.
Finally, JoI Contributing Editor Gillybear Bell offers some financial advice on taking advantage of an important market trend, and you might want to listen. After all, border collies are the smartest breed.
Here's to hoping you walk away with some big ideas and that September sees some spark in the global economy.
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